Accidents happen. We help you bounce back faster. Keep your business running smoothly with property coverage that works when you need it most.
Property damage insurance, also known as material damages insurance or sometimes fire insurance, protects your physical assets against a certain number of events. It covers the cost of replacing or repairing your physical assets damaged or destroyed after a loss. Unlike liability insurance, it will only be limited caused to your own assets and not that of third party.
Property damages insurance covers your building, your equipment, your stock and all other physical assets that are under your ownership against a certain type of events. The main event is the fire but it is not the only one. Property damages insurance will include events such as storm, flood, earthquake, theft, vandalism, mechanical failure and many more.
Depending on your physical assets, we suggest declaring the replacement value of your building and equipment and the cost value of your stock. The replacement value is the amount to replace the object with one of the same characteristics at the date of loss. It will allow your business to buy a brand new replacement equipment without any wear and tear coefficient.
The scope of cover could vary rom one property to another. The basic cover will include events such as fire, explosion, thefts, vandalism and natural events. It could then be extended to additional cover such as machinery breakdown, broken windows, water damage, electrical and electronic failures, crime and many more.
Property damage insurance rates are based on the sums insured, the level of deductible, your business activity, and the protection measures in place. Some activities such as hotels, offices, and commercial centers are considered as low exposure hence rate will be minimum. Other activities such as warehouses, textile, or wood manufacturing are considered as high risk so the rate will be much higher. In any case, the insurance premium will look very low compared to the consequences a fire or a natural event could have on your premises. Contact us if you have any questions about property damage insurance.
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Cléma Risk Solutions is an insurance brokerage licensed in Singapore, Hong Kong, and Shanghai.
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